Like most home sellers, you are probably concerned with the state of the real estate market. Fearing a crash, many people will postpone selling their home. However, for home sellers who can’t wait, don’t let fear stop you from selling your home – it is possible to sell a home in Cranston during a housing crash.
At Your Home Sold Guaranteed Realty – The Nathan Clark Team, we understand that selling your home during a housing crash is stressful. That’s why we’ve created a simple plan with actionable steps you can do to make your home sale a success.
Steps You Can Take to Sell a Home in Cranston During a Housing Crash
When you sell a home in Cranston during a housing crash, you need the expertise of a local realtor. With Your Home Sold Guaranteed Realty – The Nathan Clark Team, we have the knowledge and expertise you need to find the right homebuyer for your home.
Afraid you’ll lose too much money if you sell now? We guarantee that your home will sell fast and for top dollar regardless of the condition of the market. With our Guaranteed Sale Program, we take the uncertainty out of selling your home by guaranteeing that your home will sell for an agreed upon price in your timeframe, upfront and in writing.
How the Housing Market Affects Your Home Sale
With all the talk about housing market crashes, it’s important that you make sure you understand what one is and how it can affect your home sale.
A crash usually begins with a bubble. A real estate bubble is a market condition where home prices rise exponentially because of an increase in demand, decrease in supply and favorable interest rates. A crash occurs when the bubble bursts – when market conditions are so unstable that there is an implosion. These crashes are driven by a rise in interest rates, which cause less demand and lead to a drop in housing prices.
What We Learned From the 2008 Housing Bubble
The last time there was a housing bubble that burst was 2008. The bubble bursting led to the Great Recession that same year.
The housing market had been booming from the early 2000s through 2006, when housing prices started to decline. In December 2008, there was the largest price drop in history.
Because of this drop, many homeowners were unable to pay their mortgages. In some extreme cases, their homes were worth less than their mortgage. These led to a rise in interest rates which caused many foreclosures. This rise in foreclosures led to a recession.
Is a Housing Crash in Cranston Possible?
Because of high interest rates and an increase in inflation, many homeowners are worried about a housing crash.
However, most real estate experts agree that a housing crash is not in the near future because demand is still high while supply is low and lenders have stricter lending requirements.
iBuyers and the Possibility of a Housing Crash
An iBuyer is someone who buys a home as-is directly from the seller. They then fix up the house and flip it, selling the now-renovated home for a profit. These buyers have the power to influence the local market because they sell the flipped houses at prices that are hard for regular home sellers to match.
It’s important to discuss with a realtor if you are concerned about the impact that iBuyers have on the local market.
How to Sell a House During a Housing Crash
Here are some simple tips to help you navigate how to sell a home during a recession.
Price Your Home To Sell
Pricing your home to sell is more important now than ever. If you price your home too high, you will miss out on homebuyers who are looking for affordable homes. If you price it too low, however, you could miss out big on potential profits.
To price your home to sell, work with an expert realtor who can help you determine what price is appropriate for the climate and will net you the most profit.
Have Your Home in Move-In Condition
Another way you can prepare your home to sell a home in Cranston during a housing crash is to make sure your home is in move-in condition. Because homebuyers don’t have the extra cash to renovate or make repairs, doing these things yourself will make your home extra attractive to potential homebuyers. While a realtor can point out specific things in your home, it’s always a good idea to get a home pre-inspection and make necessary repairs yourself. You can also hire a professional cleaning company and make sure that the paint and decor items are in neutral colors.
Sell at the Right Time
If you can, it may be best to wait until after the recession to sell your home. If you can’t wait, however, work with an expert realtor who can help you do a comparative analysis of homes in the area, so your home is as competitive as possible.
Selling and Buying at the Same Time
If you need to buy a home after selling your current home, timing may not be as crucial. If you sell your home for a lower price during a recession, you should be able to purchase a home for a lower price as well. As the economy recovers, you’ll be able to sell the new home at a higher price than what you purchased it for.
Sell a Home in a Housing Crash With Nathan Clark
Overall, the best tip to selling a house during a housing crash is to use an experienced realtor to navigate the uncertain waters of the market. At Your Home Sold Guaranteed Realty – The Nathan Clark Team, we have the experience and expertise you need to sell your home regardless of the market.
For more information on how we can help you sell your home and about our home seller guarantees, give us a call at 401-288-3557 or fill out the form below.